With your permission, a Cheann Comhairle, I propose to take Questions Nos. 41 to 45 together.
The provisional trade figures for October which were released last week showed an increase in the import excess of £6 million as compared with October, 1968. While exports rose by £5 million, imports were £11 million higher. The increase in imports includes £6 million attributable to imports of aircraft and machinery, which add to our stock of capital, and a large part of the balance was attributable to imports of materials for further production.
In regard to the forecast of the balance of payments for the year as a whole, I am informed that sales of aircraft abroad valued at about £4½ million which were scheduled to take place in the last quarter of the year are likely to be postponed until 1970. My pre-budgetary forecast of £55 million in 1969 for the balance of payments deficit may therefore have to be revised to this extent though the postponement is of no economic significance.
As I have been stressing, we cannot continue to incur balance of payments deficits of this year's order of magnitude without damaging effects on confidence and growth prospects. I am keeping the situation under close observation and will take any steps necessary to ensure that steady growth of the economy is not hampered by excessive demand pressures.
With regard to the second part of Deputy Corish's question I would refer him to my answer to his question of 13th November, 1968, in which I gave him a detailed account of the short-term forecasting techniques used by the Department of Finance and the review procedure by which these are up-dated. I pointed out that the techniques were those adopted internationally for purposes of demand management.